Shares in Legend Oil & Gas Ltd (OTC: LOGL) have fallen -59% since the penny stock topped $1.58 at the end of February. LOGL closed down -7.86% at $0.645 in the last trading session on volume of nearly 600 thousand. The company filed a resale Prospectus for the sale of up to 11M shares of their OTCBB stock.
LOGL is down -37.98% YTD.
AER Energy Resources (OTC PINK: AERN) traded heavy with 15.1 million shares of the pinksheets listed penny stock closing down -10.34% at $0.0034. AER Energy Resources announced last Thursday before the penny market opened for trading that the company had entered into a 50/50 Partnership to participate in reworking nine shallow oil wells in Kansas.
AERN is down -19.05% YTD.
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LOGL Stock Snap Shot:
Market Cap: 32.66M
52-Week High
(Jul 14, 2011): 2.74
52-Week Low
(Nov 23, 2011): 0.58
Avg Vol (3 month): 692,137
Avg Vol (10 day): 476,257
Shares Outstanding: 50.64M
Float: 28.55M
% Held by Insiders: 58.08%
Legend Oil & Gas Ltd. is an oil and gas exploration, development and production company. The oil and gas property interests are located in Western Canada (in Berwyn, Medicine River, Boundary Lake, Red Earth, Swan Hills and Wildmere in Alberta, and Clarke Lake and Inga in British Columbia) and in the U.S. (in the Piqua region of the State of Kansas and in the Bakken and Three Forks formations in Divide County, North Dakota).
LOGL filed the prospectus mainly since the company will need additional debt or equity financing prior to May 31, 2012. LOGL must pay off a CA$1.5 million bridge loan facility with the National Bank of Canada. If they are unable to obtain financing, LOGL will be in default and may need to sell some or all of their properties, sell or merge their business, or file a petition in bankruptcy.
To view the SEC filings for LOGL, click here.
AERN Stock Snap Shot:
Market Cap: 86.83K
52 Week High
(Jul 15, 2011): 0.40
52 Week Low
(Dec 29, 2011): 0.0029
Avg Vol (100 Day): 9,723,137
Avg Vol (10 Day): 7,517,055
Shares Outstanding: 25.54M
AERN will rework each of the nine wells through the company’s proven secondary recovery techniques and take part in drilling as many as four additional new off-set wells. CEO and President of AERN, Stanley F. Wilson, said that AER Petroleum Inc., under the supervision of its President, Al Karmali, plans to complete the Kansas reworks during the summer of 2012 and will begin the secondary recovery operations in July. Financing for the participation and related drilling expense has already been committed and reworks are expected to produce up to 20 BOPD and $60K in new monthly revenues for AERN upon the projects completion.
Oil Companies have already reaped fortunes off the Mississippian Lime Play in Oklahoma and are now following the rock formation northward into Kansas, where millions of acres of mineral rights have been leased in the past two or three years. AERN is right on top of the Oil play in Kansas and look forward to completing the reworks so the company can begin the off-set drilling of wells within this formation.
AERN is listed on the Pinksheets and not an SEC filing Company
Bottom Line: AERN and LOGL should are two oil play penny stocks to watch and should be added to your list of penny stocks. Both are down from high’s reached this year and both have revenues which proves they can produce top line numbers.
If I had to choose one or the other, LOGL would rank higher since it is both an SEC filer and has a higher potential whereas AERN is a day trade at best on a good day.
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